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Amazon Q1 CE Sales Rise 8%

4/25/2002 11:46:00 AM Eastern

Seattle - Sales in Amazon's U.S. Electronics, Tools and Kitchen segment, which includes sales of consumer electronics, increased 8 percent, to $126.2 million in the first quarter, up from $116.5 million in the year-ago period.

Pro forma operating loss in the CE segment decreased by 55 percent in the first three months, ended March 31, hitting $20.8 million, down from a loss of $45.8 million in the same period in 2001.

Amazon's U.S. Books, Music and DVD/Video segment also saw sales increase 8 percent in the first quarter, hitting $443 million, up from $409.6 million in the same quarter last year.

Pro forma operating profit in the DVD segment jumped 68 percent, to $46.4 million, compared with $27.6 million year over year.

In announcing further reductions in book prices, Jeff Bezos, founder/CEO, said, 'We said we're the type of retailer that relentlessly works to lower prices for customers, but we didn't expect to be able to do it again so soon.'

Overall sales at Amazon rose 21 percent in the first three months, to $847.4 million, compared with sales of $700.4 million in the first quarter of last year.

The company recorded a first-quarter operating profit of $1.8 million, compared with a loss of $216.6 million in the same period in 2001.

Net loss for the first quarter was $23.2 million, compared with a first-quarter 2001 net loss of $234.1 million, including charges and goodwill amortization.

Looking ahead, Amazon expects net sales of $765 million to $815 million in the second quarter, up as much as 15 percent to 22 percent over the same three months in 2001. The company also said it expected to show a pro forma operating profit of $5 million to $15 million in the second quarter.

For the full year, Amazon forecast sales growth of over 15 percent, compared with the $3.1 billion recorded in 2001. Pro forma operating income should hit more than $100 million, said Amazon.

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